The Edge Markets (23/10/2018) - SINGAPORE (Oct 23): Palm oil may gain further to 2,262 ringgit per tonne, as it has found a support at 2,219 ringgit.

The support is provided by the 50 percent projection level of an upward wave C from the Sept. 20 low of 2,137 ringgit. It coincides with the neckline support of an inverted head-and-shoulders.

The pattern suggests a target around 2,300 ringgit. The correction triggered by the resistance at 2,262 ringgit is classified as a pullback towards the neckline. The pullback seems to have ended around 2,219 ringgit.

A break below 2,219 ringgit could cause a loss to 2,199 ringgit. – Reuters 

Read more at http://www.theedgemarkets.com/article/palm-oil-may-gain-further-2262-ringgit